2000-03-08 Packet - Laserfiche WebLink

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,Mar, 3. 208 8:20AM No P645 P! 8 by said Secretary of State, or by search firm acceptable to Buyer, showing no UCC filings regarding any of the Property. (b) $uver's Ohiections. Within 20 days after receiving the last of the Title Evidence, Buyer will make written objections ( "Objections ") to the form and/or contents of the Title Evidence. Buyer's failure to make Objections within such time period will constitute waiver of Objections. Any matter shown on such Title Evidence and not objected to by Buyer shall be a "Permitted Encumbrance" hereunder. Seller will have 60 days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed as necessary. Seller shall use its best efforts to correct any Objections. To the extent an Objection can be satisfied by the payment of money, Buyer shall have the right to apply a portion of the cash payable to Seller at the Closing to satisfaction of such Objection and the amount so applied shall reduce the amount of cash payable to Seller at the Closing. If the Objections are not cured within such 60 day period, Buyer will have the option to do any of the following: (1) Terminate this Agreement and receive a refund of the Earnest Money and the interest accrued and unpaid on the Earnest Money, if any. (2) Withhold from the Purchase Price an amount which, in the reasonable judgment of Title, is sufficient to assure cure of the Objections. Any amount so withheld will be placed in escrow with Title, pending such cure. If Seller does not cure such Objections within ninety (90) days after such escrow is established, Buyer may then cure such Objections and charge the costs of such cure (including reasonable attorney's fees) against the escrowed amount. If such escrow is established, the parties agree to execute and deliver such documents as may be reasonably required by Title, and Seller agrees to pay the charges of Title to create and administer the escrow. (3) Waive the objections and proceed to close. (c) Title folicv. Seller will famish to Buyer at closing the title policy ( "Title Policy ") issued by Title pursuant to the Commitment, or a suitably marked up Commitment initiated by Title undertaking to issue such a Title Policy in the form required by the Commitment as approved by Buyer. 7. Operation Prior to Closing, During the period from the date of the Seller's acceptance of this Agreement to the Closing Date (the "Executory Period "), Seller shall operate and maintain the Property in the ordinary course of business in accordance with prudent, reasonable business standards, including the maintenance of adequate liability insurance and insurance against loss by fie, windstorm and other hazards, casualties and contingencies, including vandalism.. and malicious mischief. However, Seller shall execute no contracts, leases or other agreements regarding the Property during the Executory Period that are not terminable 7